24th Sep 2014 08:51
LONDON (Alliance News) - Topps Tiles PLC Wednesday said it expects to report a strong rise in adjusted pretax profit and revenue for its nearly-ended financial year, and it's expecting to continue growing "profitable" market share in the financial year ahead.
In a trading statement, the tile and wood flooring retailer said its adjusted pretax profit in the 52 weeks to September 26 is expected to come in at about GBP17 million, up 30% from GBP13.0 million in the year earlier period, outperforming a 9.7% rise in revenue to about GBP195 million, from GBP177.8 million.
Its like-for-like sales are expected to show an increase of about 8% year-on-year, compared with the 0.5% decrease it reported in its previous year.
Adjusted profit excludes impairments, restructuring costs and property gains or provisions.
The company was hit by the economic downturn that followed the financial crisis, but has been reporting improving customer confidence this year as the UK economy has recovered strongly. It has been focusing on what it calls "profitable market share gains".
"Our relentless focus on growing profitable market share continues to be the successful driver of our business. We are confident that we can make further progress, in this respect, during the year that lies ahead," Chief Executive Matthew Williams said in Wednesday's statement.
Topps said it is currently trading from 335 stores, after it opened 16 stores and closed or relocated nine others during the year.
The company will announce its full results for the 52 weeks to September 26 on November 25.
Its shares were up 0.5% at 109.50 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Topps Tiles